Motilal Oswal real estate PE arm achieves first close of fifth fund
May 20, 2021
×
The fund, launched with a target corpus of ₹800 crore, has received commitments totalling ₹650 crore
Motilal Oswal Real Estate (MORE), the real estate private equity arm of Motilal Oswal Financial Services Ltd, has achieved the first close of its fifth real estate fund, India Realty Excellence Fund V (IREF V).
The fund, launched with a target corpus of ₹800 crore, has received commitments totalling ₹650 crore, it said in a statement.
Earlier in January, MORE said it was looking to raise up to ₹800 crore through its fifth real estate fund.
Mumbai (Maharashtra) [India], May 20 (ANI): Motilal Oswal Real Estate (MORE) on Thursday announced the first close of India Realty Excellence Fund V (IREF V), its fifth real estate fund.
Motilal Oswal Real Estate: Motilal Oswal Real Estate raises Rs 650 crore for fifth property fund indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Budget 2021 is expected to lay key emphasis on the real estate sector.
Home buyers and developers are looking for a higher tax relief to spur demand. The cap of Rs 2 lakh on housing loan interest under income tax deductions should be extended up to Rs 5 lakh.
Experts feel the government should relax the fundraising norms and ensure the implementation of alternate investment funds to ensure enough liquidity for the sector. More importantly, the government should incentivise the private sector to invest in affordable housing.
Niranjan Hiranandani, national president, NAREDCO, said: “To promote rental housing the deduction of 30 per cent from the annual rental income (for purpose of maintenance) should be increased to 50 per cent.”
Read more about Motilal Oswal s real estate arm to raise Rs 800 crore via fifth fund on Business Standard. The fund has been set up as an alternate investment fund, firm expects to achieve first close by March and conclude fundraising in the next 6-9 months